CHICAGO, May 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn unchanged and wheat and soybean dropping.

The most active corn contract for July delivery remained unchanged to settle at 6.5825 dollars per bushel. July wheat dropped 18.75 cents, or 2.69 percent, to settle at 6.7925 dollars per bushel. July soybean lost 36 cents, or 2.29 percent, to close at 15.3825 dollars per bushel.

A "the trend is your friend" mentality prevails at the CBOT, with corn, soybean and wheat futures shedding additional premium as needed heavy rain looks to fall across the U.S. Northern Plains and Canadian Prairies from Thursday to Saturday, Chicago-based research company AgResource noted.

China bought another 1.36 million tons of new crop U.S. corn, bringing its total purchases on a known basis to 9.5 million tons or 37 percent of the U.S. Department of Agriculture's (USDA) annual 2021-2022 Chinese corn import forecast. USDA also announced that Mexico secured 142,000 tons of new crop U.S. soybeans.

U.S. ethanol production through the week ending May 14 totaled 303 million gallons, a new post-COVID high. U.S. ethanol stocks last Friday totaled 816 million gallons, just 2 million above the previous week and 18 percent lower than a year ago in mid-May.

Weather forecast shows it will be noticeably drier across the U.S. Plains and Midwest next week as meaningful rain has been shifted southward into the Southern Plains and northern Delta region. An active pattern of showers will favor North Dakota, Southern Canada and much of Northwestern Midwest.

The battle between non-threatening U.S. weather and rising future demand will sustain a volatile back-and-forth marketplace. With the entirety of the growing season ahead, AgResource strongly cautions against chasing daily breaks and rallies. Enditem

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